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USD/CHF potential decline to test 0.9301 – Commerzbank

FXStreet (Edinburgh) - Following the current USD sell off, the pair could well test the 0.9300 neighbourhood, although the underlying bullish bias remains intact, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF has sold off towards its 23.6% retracement at .9493. Given the 20 day ma lies at .9470 and the 2 month uptrend lies here at .9455 we will look for signs of recovery from this vicinity”.

“However the Elliott wave count is suggesting that it is possible that we will see a return to .9371 (38.2% retracement) and potentially the .9301 support (September low) and we are unable to rule this out”.

“Beyond this we continue to target .9840, the 2013 high, then .9966/72, the 2012 high and the 61.8% retracement”.

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